Does it seem like everything today is overly complex? A turbulent economy, increased global competitiveness, and changing regulations are giving CFOs and their teams a lot to deal with across process and technology. Add the business discontinuities of mergers, acquisitions and spin-offs and you can be certain that your 20-year-old ERP system is having a tough time keeping up. Today’s shifting business requirements are creating pressure on yesterday’s systems.
Alternative methods have been to implement manual workarounds outside of existing systems resulting in inefficiencies and potentially financial statement risk. This lack of flexibility and increased requirements have caused leaders in finance organizations to consider alternative approaches that fundamentally change the way they view the finance function. The emergence of new providers and solutions powered by a Software-as-a-Service (SaaS) model is giving finance organizations options that previously did not exist.
These new solutions are driving the traditional ERP players to change their approach to the marketplace. But it is not just about new providers and new solutions. It is about establishing a vision of the finance organization, a future “target operating model”, to assess how these new solutions can power financial transformation, whether as a financials replacement or with a best-of-breed approach.